The bailout authorities now have 48-hours to consider the proposals. If they do not believe that they go far enough to address Greece’s economic malaise, preparations are likely to be made for Greece to exit the Eurozone.

If the creditors believe the Greek government has conceded enough ground, negotiations will begin on a new three-year bailout deal.

Alastair McCaig, market analyst at IG points out that Greece has gone from a ‘no’ to a ‘yes’ in less than a week: “Greece has finally decided to table a proposal to its creditors and agreed to the majority of their demands but has asked for €53.5 billion in return. There still remains the tricky issue of the Greek parliament approving this proposal, which was by and large rejected in a national referendum less than a week ago.

“Assuming that the Greeks can all agree with themselves we would then need to see the creditors approve this proposal over the weekend. Of course the more cynical market observer will be asking themselves how reliable a Greek promise is anyway.”

Sponsored

How life insurance can benefit your health and wellbeing over the decades

Sponsored by Post Office